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investments. In order to minimise the impact of these operations on the exchange rate movements, the Bank of Russia will buy or sell foreign currency

real wages. High and unanchored inflation expectations, which are particularly sensitive to exchange rate fluctuations, are also a source of risk. With regard to the

and precious metals is converted to rubles using the period average USDRUB exchange rate. Mortgage loans net of claims acquired by banks. Source: Bank of

of the exchange rate have not yet passed through to prices in full. In addition to the direct pass-through of the ruble exchange rate to

4%), respectively. The monthly average exchange rate of the ruble also declined (-5.8% MoM). The range of ruble exchange rate fluctuations remained elevated in

Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 65 3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 67 3.2.3. Official Exchange Rate:

market respectively); and denote the domestic and foreign interest rate; is the nominal reciprocal exchange rate; is a fixed income tax rate; , is the median

71. 2021; – Burova A., Egorov K., Mukhin D. Foreign Currency Debt and Exchange Rate Pass-Through. 2022; – Khabibullin R., Ponomarenko A. An empirical behavioral model of

price growth in this segment were increased procurement prices, changes in the exchange rate, and higher costs of similar products in the market. Price expectations